Lala App for iPhone?

I read a news article a few days ago ((Link) that said that there will be a Lala app for the iPhone. For those who have never heard of Lala, it's pretty much an online version of iTunes that lets you buy audio tracks for 10 cents, and lets you listen to them on any computer with an internet connection. With an iPhone application, I feel like this would be a great way to listen to music (and cheaper than actually downloading every single song).

Does anybody have any information on this application or its release date?

Personally, this app wouldn't mean very much to me as I am an audiophile and keep all my music in lossless formats with a secondary lame -v0 mp3 library.

Regardless, I don't see Apple being too keen on apps that will "duplicate functionality of the built-in iTunes App" ...aka compete with them. So I'd be willing to bet this app won't make it into the store and will suffer a similar fate as the Google voice app.

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